Problem 3: Short Answer Requirements: Provide a short answer to each independent scenario A. Jiminy Corp. enters into a sales contract. The contract specifies only one performance obligation. Jiminy completes the performance obligation by delivering the promised goods. As specified in the sale contract, Jiminy will receive $50,000 for satisfaction of the performance obligation, which will be paid in monthly installments over the three-year period upon delivery. Assume that Jiminy expects to receive the full contract price from the customer. Will Jiminy have recognized more than, less than, or exactly $50,000 of sales revenue related to the contract? Why? B. Monstro sells seashell sculptures through Donkey Corp on consignment. On January 1t, Monstro sends $1,000 worth of inventory on consignment to Donkey Corp. Donkey sells them for $1,500 on January 15th, charging a commission of 10% of sale price. Assume that Monstro has not received the cash yet. Provide the journal entries, if necessary, of the transfer and sale for both corporations C. On August 1st, Blue Fairy Inc. enters into a contract with Gideon Video to add their programs to Blue Fairy's network. Gideon will pay Blue Fairy an upfront fee of $250,000 fixed fee for 12 months of access, and will also pay a S100,000 bonus if Agee's users access Gideon Video for at least 10,000 hours during the 12 month period. Blue Fairy estimates that it has a 70% chance of earning the $100,000 bonus. Using the expected value approach, how much revenue will Blue Fairy recognize assuming fiscal year end of December 315t